Canopy Growth continues to lay off staff as part of ’strategic adjustments«.»

Canopy Growth, one of Canada's largest cannabis companies and worldwide, has announced further maneuvers to reduce operating costs, including a «workforce reduction» and a reduction in the number of «dedicated team members».

Calling them 'strategic adjustments» in its press release, Canopy claims that these changes »should generate savings of $100 to $150 million within 12 to 18 months.«

«As a result of these difficult but necessary changes to the organizational structure, team members will be affected, as the Company will operate with a reduced workforce going forward. Canopy's management team wishes to recognize the efforts of these individuals during their tenure and thank them for their contributions to the Company,» notes the press release.

«To achieve profitability and power growth, we are taking critical steps to evolve Canopy Growth into an agile organization with a clear focus on the areas where we have the greatest potential for success,» said David Klein, CEO of Canopy Growth.

«These necessary changes are being implemented to ensure that the size and scale of our operations reflect current market realities and support the long-term profitability of our business.»

The company laid off several hundred people at the end of 2020 and a further 75 members of staff at the beginning of 2021 following the closure of several production sites and internal «restructuring» efforts. Canopy has also been excluded of the S&P/TSX 60 index last March, and announced quarterly losses in February.

The company posted a net loss of $115.5 million in its latest quarter, compared with a net loss of $829.3 million a year earlier. Its net revenues also fell by 8 %.